Innovation Unleashed for the Life Insurance and Financial Services Industry
Tim Wallace as CEO of iPipeline has been able to successfully predict the digital transformation requirements of the life insurance and financial services industry and the important role data analytics will play in the future. With over 30 years of experience in the software, service, and consulting industry, Tim has learned how to avoid the typical pitfalls encountered by startups and to apply his energy towards building a unique culture—one that thrives on challenges and delivering innovative products and services to address the challenges within the life insurance and financial services industry.
Through both organic growth and strategic “tuck in” acquisitions, Tim has transformed iPipeline from a start-up with 28 people with 6 million in annual revenue into a powerhouse with 650 individuals and hundreds of millions in annual revenue. Today, iPipeline is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Through their SaaS-based new business acquisition platform, iPipeline can accelerate and simplify sales, compliance, operations and support. “We provide process automation and seamless integration between every participant in the life insurance and financial services industry and their consumers,” says Tim.
" We provide process automation and seamless integration between every participant in the life insurance and financial services industry and their consumers. "
The focus of iPipeline is providing web-based software tools that drive straight-through processing for the insurance and financial services markets on a global basis. iPipeline has continued to redefine the meaning of straight-through processing over the years for both the life insurance and financial services industry by continually adding new industry innovations. For example, the company has recently launched iGO® Link for life insurance carriers. iGO Link extends the value of carriers’ investments in straight-through processing by allowing them to intelligently digitize paper applications into the iPipeline platform.
Tim believes the future of the industry lies in optimizing the use of data and transforming it into actionable information to maintain competitive positions, better service customers, and achieve growth. iPipeline is committed to providing the power of data analytics to all the customers both now and in the future. In an instance, OneAmerica recently deployed iPipeline’s DocFast e-Delivery solution which has been designed to optimize digital interaction between sellers and their customers. DocFast will initially be used to deliver life insurance policies and related documents based on a collaborative workflow including the insurer, distributor, financial advisor and customer.
Advising the entrepreneurs in the making, Tim says that in order to become successful in business, a CEO must be similarly focused on his game, willing to listen to his team, change his/her mind based on developments in the business landscape, and adjust strategy to secure a solid win. Surrounding yourself with the best talent possible to achieve the best possible results and being frugal about spending, regardless as to how successful or large the company gets is all a few of the tricks of trade. And above all, develop a winning culture, because culture is the backbone of great companies. According to Tim, a company with an outstanding culture will have less employee attrition and be conducive to driving innovation, commitment, and fun throughout the organization.
In 2019, the company will be introducing their Policy Administration System (PAS) to the North American life insurance industry. Their PAS offering is a modern, next-generation system offering tight integrations with legacy platforms and new efficiencies. When combined with other integrated iPipeline solutions, the company can offer customers a comprehensive, straight-through processing platform to simplify and accelerate their new business, PAS, and in-force management activities. “We are excited to bring this new solution to market and are expecting strong demand in 2019,” adds Tim.
iPipeline is a technology provider of SaaS solutions that drives straight-through processing for the insurance and financial services industry.